A person having any of the following situations may not act as a promoter or responsible person of a short-term bills clearing and depository organization:
1.Having limited legal capacity, is legally incompetent, or having been declared by a court to be under assistance and such declaration has not been voided.
2.Having been convicted of a crime under the Organized Crime Act.
3.Having been sentenced to imprisonment for counterfeiting currency or valuable securities, misappropriation, fraud or breach of trust and the sentence has not been completed or ten (10) years have not elapsed since the date of sentence completion, the expiration of probation period, or the pardon of such punishment.
4.Having been sentenced to imprisonment for forging instruments or seals, offence against privacy, usury, impairing the rights of creditors or violating the Tax Collection Act, Trademark Act, Patent Act or other laws governing industrial or commercial activity and the sentence has not been completed or five (5) years have not elapsed since the date of sentence completion, the expiration of probation period, or the pardon of such punishment.
5.Having been sentenced to imprisonment for embezzlement and the sentence has not been completed or five (5) years have not lapsed since the date of sentence completion, the expiration of probation period, or the pardon of such punishment.
6.Having been sentenced to imprisonment for violating the Act, the Banking Act, the Insurance Act, the Securities and Exchange Act, the Futures Trading Act, the Foreign Exchange Regulation Act, the Credit Cooperatives Act, the Trust Enterprise Act, the Money Laundering Control Act, or other laws regulating financial activity, and the sentence has not been completed or five (5) years have not elapsed since the date of sentence completion, the expiration of probation period or the pardon of such punishment.
7.Having been adjudicated bankrupt, and rights and privileges have not been reinstated.
8.Having been the responsible person of a legal entity at the time such legal entity was adjudicated bankrupt and five (5) years have not elapsed since the closure of the bankruptcy orthe terms of bankruptcy settlement have not yet been fulfilled.
9.Having been denied service by the bills clearing house and the denial status has yet to be removed, or there remains a record of dishonored check(s) due to insufficient funds in three (3) years since the denial status has been removed.
10.Having an ongoing event that seriously damages his or her credit worthiness or five (5) years have not elapsed since the closure of such an event.
11.Five (5) years have not elapsed since being replaced ordischarged from duties by order of the competent authority due to a violation of the Act, the Banking Act, the Insurance Act, the Securities and Exchange Act, the Futures Trading Act, the Credit Cooperative Act, the Trust Enterprise Act, the Money Laundering Control Act, or other laws regulating financial activity.
12.Having been ordered to enter a reformatory or having been ordered to perform compulsory labor due to the offense of larceny or receiving stolen property and the sentence has not been completed or five (5) years have not elapsed since the sentence completion.
13.Acting as the responsible person or employee of a participant.However, this restriction shall not apply where the person is authorized by the competent authority or where a participant, through its investments, assigns its responsible person or employee to serve as a director or supervisor of the short-term bills clearing and depository organization.
14.Factual evidence shows that the person has engaged in, or been involved in, other dishonest or improper activities.
If the director or supervisor is a juridical person , the representative or the natural person designated to act such position, they shall comply with the preceding paragraph regulations.
The responsible person of a short-term bills clearing and depository organization shall be dismissed ipso facto if any of the conditions in Paragraph 1 occurs after the start of his/her tenure. The person shall also be required to notify the short-term bills clearing and depository organization immediately.
The short-term bills clearing and depository organization shall immediately take active measures after learning of the reason for the ipso facto dismissal of its responsible person. It shall report to the competent authority and notifythe Ministry of Economic Affairs to annul or cancel related registration.

The president of a short-term bills clearing and depository organization must have leadership and the ability to effectively manage the short-term bills clearing and depository organization, and possess any one of the following qualification:
1.Having at least nine (9) years of experience working in bills finance companies or banks, including at least three (3) years of experience working in the position of manager or higher, or in a comparable position at the head office of bills finance companies or banks with good performance record.
2.Having at least nine (9) years of experience working in financial administration or management, including at least three (3) years of experience working in a Grade Nine position or higher, or in a comparable position with good performance record.
3.Having at least six (6) years of experience working in bills finance companies or banks, including at least three (3) years of experience working in the position of vice president or higher, or in a comparable position at bills finance companies or banks with good performance record.
4.Having at least nine (9)years of experience working in centralized custody or settlement of securities, including at least three (3) years of experience working in the position of vice president of centralized custody or settlement of securities businesses or higher, or in a comparable position with good performance record.
5.Having at least nine (9) years of experience working in operating financial information service enterprises of account settlements between banks, including at least three (3) years of experience working in the position of vice president of operating financial information service enterprises of account settlements between banks or higher, or in a comparable position with good performance record.
6. Having other experience and qualifications that can be used asevidence certifying the effective management of short-term bills clearing and depository businesses.
A short-term bills clearing and depository organization shall submit relevant qualification documents to the competent authority for approval before appointing its president.

The vice president, chief auditor, assistant vice president, or a person holding a comparable position of a short-term bills clearing and depository organization must have leadership and the ability to effectively manage the short-term bills clearing and depository organization, and possess any one of the following qualification:
1. Having at least five (5) years of experience working in bills finance companies or banks, including experience working in the position of deputy manager or higher, or in a comparable position at the head office of bills finance companies or banks with goodperformance record.
2. Having at least five (5) years of experience working in financial administration or management, including at least three (3) years of experience working in a Grade Nine position or higher, or in a comparable position with good performance record.
3. Having at least three (3) years of experience working in banks or bills finance companies, including experience working in the position of manager or higher, or in a comparable position at the head office of bills finance companies or banks with good performance record.
4. Having at least five(5) years of experience working in centralized custody or settlement of securities, including experience working in the position of manager of centralized custody or settlement of securities businesses or higher, or in a comparable position with good performance record.
5. Having at least five (5) years of experience working in operating financial information service enterprises of account settlements between banks, including experience working in theposition of manager of operating financial information service enterprises of account settlements between banks or higher, or in a comparable position with good performance record.
6. Having other experience and qualifications that can be used as evidencecertifying the effective management of short-term bills clearing and depository businesses and reported to the competent authority for approval in advance.

The manager, deputy manager, or a person holding a comparable position of a short-term bills clearing and depository organization must have leadership and the ability to effectively manage the short-term billsclearing and depository organization, and possess any one of the following qualification:
1. Having at least three (3) years of experience working in banks or bills finance companies, including experience working in the position of assistant manager or higher, or in a comparable position at the head office of bills finance companies or banks with good performance record.
2. Having at least three (3) years of experience working in financial administration or management, including at least three (3) years ofexperience working in a Grade Seven position or higher, or in a comparable position with good performance record.
3. Having at least three (3) years of experience working in centralized custody or settlement of securities, including experience working in the position of deputy manager of centralized custody or settlement of securities businesses or higher, or in a comparable position with good performance record.
4. Having at least three (3) years of experience working in operating financial information service enterprises of account settlements between banks, including experience working in the position of deputy manager of operating financial information service enterprises of account settlements between banks or higher, or in a comparable position with good performance record.
5. Having other experience and qualifications that can be used as evidence certifying the effective management of short-term bills clearing and depository businesses and reported to the competent authority for approval in advance.

Among the directors of a short-term bills clearing and depository organization, the following number of directors shall meet at least one of the qualifications specified in the preceding article:
1. If the number of directors is fewer than three, at least one more of the directors shall meet one of the qualifications specified inthe preceding article; if the number of directors exceeds three, at least one more of the directors for each additional three directors shall meet one of the qualifications specified in the preceding article.
2. If a short-term bills clearing and depository organizationhas managing director(s), at least oneof the managing directors shall meet one of the following qualifications.
Among the supervisors of a short-term bills clearing and depository organization, at least one supervisor shall meet at least one of the qualifications specified in the preceding article.
The chairperson of a short-term bills clearing and depository organization shall meet at least one of the qualifications specified in the preceding article:

The spouse, relatives by blood within second degree of kinship or relatives by marriage within first degree of kinship of the supervisor of a short-term bills clearing and depository organization may not hold a position of director or manager in the same short-term bills clearing and depository organization.

For individuals serving as the person in charge of a short-term bills clearing and depository organization, with the exception of the appointment of the president which shall be processed in accordance with Article 43, a short-term bills clearing and depository organization shallsubmit related qualifications certification documents to the competent authority for reference within five days after theappointmentof persons serving as the responsible persons.

Regulations in this Chapter shall not apply in cases where the role of the short-term bills clearing and depository organization is filled by a surviving institution as a result of a merger, except in cases where the responsible person is the head of the department operating the businesses of a short-term bills clearing and depository organization.